champions school of real estate principles 2 quizlet

tenant pays rent, plus taxes utlities ect. all consumers are given a equal chance to obtain credit. any property, whether real or personal, which is capable of being inherited. The process of collecting loan monthly payments, keeping records and balances, collecting and paying taxes and insurance. 16 pages. & \text{$\quad$processes, and communicates financial}\\ when an individual acquires title from the rightful owner through hostile, actual and continuous occupation of the land for the statutory period. The Special Information Booklet and the Loan Estimate form, RESPA manages closings on ______federally-related financing, one-to-four family residential properties with, Survivorship rights of a policyholder's spouse, lists all cash that came into and all expenses incurred by a property during the reporting period, Any property, whether real or personal, that is capable of being inherited. & \text{$\quad$economic entity}\\ improve but don't over improve; improve property when the value added by the improvement exceeds the cost of the improvement. Accountinga. &\textbf{Fixed Element}&\textbf{Variable Element}&\textbf{Actual Total }\\ maintained by HUD, Dodd Frank Wall Street reform (consumer protection act, promote financial stability of the U.S by improving accountability and transparency, CFPB (consumer financial protection bureau), consumer protection for mortgage related business, non financial comp, banks, and credit unions of +$10 billion Operatingactivities7. Liquidity} & \text{$\quad$companys management}\\ (3) The Income Approach. Items that affect the marketability or livability of the property value of a property maybe affected by social, economic, govt and environmental influences. funds the secondary market. Fraudulentfinancialreportinga. permits additional borrowing on the same note and mortgage. NOTE: leases for more than one year must be in writing, defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Leadership in Energy and Environmental Design; a building certification for properties that are "green", servicing a property and its equipment in order to prevent mechanical failure and keep property values high, Building Owners and Managers Association; an organization that advocates on the part of building owners and managers, the property manager's employment contract with the owner, deterioration of a property due to delayed maintenance, the transfer of a tenant's rights and liabilities to another, the rent the property could currently command on the open market, the renal income as stipulated by the parties in a lease, Institute of Real Estate Management; affiliate of NAR and offers educational programs, International Council of Shopping Centers, lists all cash that came into and all expenses incurred by a property during the reporting period, advocacy on the part of building owners and managers, any property, real or personal, that is capable of being inherited, title acquired through hostile, actual, continuous occupation of the land fo the statutory period, evidence of an individuals' right to possess land, document that conveys an interest in real estate from one party to another, document that transfers ownership from the government to an individual. certified commercial investment member (part of NAR). Fraudulentfinancialreportingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. The grantor promises to warrant and defend title, but only against claims which may have arisen during his or her period of ownership. possible polluted who may be held liable under CERCLA for the contamination of a property or resource. generally 5-10% range with fees. A rookie quarterback is negotiating his first NFL contract. (needed when LTV is over 80%), Housing Assistance Program for veterans, The program is administered by the State of Texas, and is not related to the federal Department of Veterans Affairs (VA) program, A building certiFcation program for properties that are "green", Servicing a property and its equipment in order to prevent mechanical failure and keep property values high, An organization that advocates on the part of building owners and managers, The property manager's employment contract with the owner, Deterioration of a property due to delayed maintenance, Tite is conveyed when the deed is signed and, transfer of ownership against the will of the owner, Any change in the ownership of real property, foreclosure, bankruptcy, condemnation proceedings, adverse possession, intestate succession, and escheat. Postal Service (USPS) has a government monopoly on home mail delivery, but several private companies, such as FedEx, UPS, and DHL, compete with the USPS for other types of delivery service. lender acquires property under foreclosure. When Calculating the LTV (loan-to-value) ratio, the lender will use the sales price or appraised Value? Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. You can do it, we can help! I'd like more of the education to be centered around how to set up you Real Estate business after you get your license. tenancy of will Study Principles of Real Estate 1 - Term flashcards - Champions School of Real Estate - TEXAS flashcards. The presence of lower-priced properties in the area will cause a decline in the value of the subject property. fixed interest rate for initial period of time, borrower pays interest only making, initially making payments smaller, monthly house payment includes principal, insurance, interest and taxes, partially amortized loan w final payment substantially larger than others, value of the property must provide adequate loan security, collateral dependent loan (hard money loan), asset based financing where borrower receives funds secured by the value of real estate. state law requires law, real estate contracts and leases over a year to be in writing. percentage of value or sales price that a lender is willing to finance. Principles of Real Estate 1 Key Terms Principles of Real Estate 1 Key Terms Flashcard Maker: juan brown 23 Cards - 1 Decks - 4 Learners Sample Decks: Level 1: Introduction to Modern Real Estate Practice Show Class Principles of Real Estate Part 1 Principles of Real Estate Part 1 Flashcard Maker: Deron Goodwyn 64 Cards - 2 Decks - 12 Learners The loss in desirability of the style, layout, or function of an element of a property over time. minimum 100 investors. risk based pricing, no published rates. 21 pages. 7. A person, corporation or firm, not otherwise in banking, that provides its own funds for mortgage financing as opposed to savings and loan associations or commercial banks that use other people's money (depositors) to originate mortgage loans, Building a file that will be used to make an underwriting decision. Cost does not equal value Principle of change Change is constant, and are always effecting value Principle of Anticipation Determined by the taxing authority and appraised value, AKA Market Data Approach, focuses on recent sales in the determining value, Comparison of properties to determine value, Market value of property consider how much a new structure of the size and type would currently cost to build, Reduction in value of property from causes such as deterioration or obsolescence. person, corporation or firm, not in banking, that provides its own funds for mortgage financing. Managerial accounting} & \text{$\quad$and continuing to operate a business}\\ when the value added by an improvement exceeds the costdo not over improve. A supply curve usually has a negative x-axis intercept because, a) price elasticity of supply is usually negative, c) the firm will not supply goods for free. It is prudent to improve property when the value added by the improvement exceeds cost of the improvement. ___________ 4. the loan origination market where borrowers and lenders negotiate mortgage terms. For an application to be considered "complete" the lender must have all of the following (Property Address, Estimated Value, Name of the borrower, SSN, Income, Loan Amount), the central banking system of the United States, Sets the Fed's monetary policy, which is carried out through the Trading Desk of the Federal Reserve Bank of New York, the interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short-term basis, The standard loan application in use is the Uniform Residential Loan Application, Fraud Enforcement and Recovery Act (FERA). title companies maintain their own date base of transactions within the county that is organized in a manner that makes title examination far more efficient than searching at county clerk, document tat conveys an interest in real estate from one party to another, evidence am individual has to possess land, investigation of all the documents that have been recorded relating to a property, opinion regarding state of title and ability to transfer, transfer of title that is free of grantor. Money that has value apart from its use as money. Theintentionalpreparationofmisleadingfinancialstatementsi. can be voluntary or involuntary. for tax purposes- determined by tax authority- not reliable estimate of market value, sales comparison approach "market data approach", compares subject property charectoristcs with those of comparable properties which have recently sold. An individual who inherits property by intestate succession acquires title by descent, A gradual increase in land area when water gradually withdraws, Fee Simple, a life estate, an easement or a defeasible or determinable fee, Rights and obligations of both landlord and tenant in the leasing of residential and commercial properties, Additional capital or property included in a transaction to even out the exchange, potential income of a property that is derived from rents collected in a year, May be organized as limited or general partnerships. limits interest rate over the lifetime of a loan. \end{array} a type of appraisal review. Champions makes sure you are ready to take your State and National exam. ___________ 1. The role money serves when it is used as a form of payment. &\textbf{Per Month}&\textbf{Per Customer Served}&\textbf{for May}\\ Create flashcards for FREE and quiz yourself with an interactive flipper. A break in this line would create a cloud on the title. Texas Principles 2 Q & A - Champions School of Real Estate 1. Profitability3. \text{5. a. a type of appraisal review. The title company has how many days after they receive the contract and earnest money in which to issue a title commitment? What documentation must the mortgage loan originator provide to the client no later than three business days after their mortgage loan application is received? Champions School of Real Estate is proud to be one of the most respected Real Estate schools in Texas! Downpayment is the difference between the _____ and the _____. The Board of Directors of a publicly traded company says that a proposed amendment to their bylaws is possible to win approval in the upcoming election because a poll of 1505 stock owners indicated that 52%52 \%52% would vote in favor. Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels: goods 4. Comprehensive Environmental Response, compensation, and Liability Act. the consummation of a real estate transaction in which all documents are signed and the proceeds of the mortgage loan are distributed. Designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state licensed mortgage loan originators, and by establishing a nationwide mortgage licensing system and registry for the residential mortgage industry. Unlimited number of times. Principles of Real Estate 2. DUST; demand, utility, scarcity, transferability. flexible and short u shaped duct that connects a room to a common space as pressure balancing mechanism. 16 pages. helpful info about the cost pr mortgage settlement charges caused by abusive practices. Bank owns it now. Activitiesofmanagementengagedtooperatethebusinessj. CERCLA was designed to clean up sites contaminated with hazardous sub- stances, pollutants or contaminants. Site description TILA (Truth in Lending), RESPA ( Real Estate Settlements Procedures Act), FCRA (Fair Credit Reporting Act, ECOA (Equal Credit Opportunity Act), A federal law passed to ensure that banks would serve the needs of the community in which they were chartered to do business and prohibits redlining. Theprocessofgeneratingandcommunicatingaccountinginformationintheformoffinancialstatementstodecisionmakersoutsidetheorganizatione. The borrower retains ownership of the property , subject to the lien that secures repayment of the loan. Loans that are short term, collateralized by the mortgage notes they fund, and are normally repaid through the sale of these notes to the secondary market. the market in which borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction. right of govt to exercise the right of eminent domain, govt acquires property for public satisfaction, occupation of land for statutory time, possesion is aquired from owner, any property weather real or personal that can be inherited, state in which a person dies leaving a valid wil, handwritten will, legal, easily contested. ", "Amazing staff and instructors that can help streamline the process of licensing or your continuing education. the only limitations to title are those listed in the deed. The sum of the energy used during the life cycle of a product. The landlord or owner; party granting a lease. Shorter version of the appraisal report for underwriting, rather than requiring a full appraisal report, which includes interior inspection. financing in which a borrower receives funds secured by the value of a parcel of real estate, Method of financing which preserves the low, existing interest rate on the original note. transferring funds to a title or escrow company, sending monthly payment statements and collecting monthly payments, The ability to sell an asset and convert it into cash. almost all parcels of land have the potential to appreciate in a rising market, personal advantages of owning real estate, hedge against inflation, higher than avg rate of return, leverage - use of borrowed money to make money, investing in real-estate (personal advantages), tax shelter, favorable capital gains, and tax shelter and deferred taxation, lack of liquidity, risk, expense and need for management, main reason for incentive to investment in real estate, 100% partnerships organized, limited & general partnership, or corporation raising funds for the purchase of real estate investment - under state and federal security laws, 3 types of real estate investment syndications, limited, general partnership or corporation under jurisdiction of state and federal security laws, real estate mortgage investment conduits (remic), seller/buyer residential temp lease. Operatingactivitiesc. a mortgage is an actual transfer of ownership from the borrower to the lender. gradual loss of land near border of stream or river. when demand is high and supply is short, prices go up - and vice versa, presence of lower-priced properties in the area will cause a decline in the value of the subject property, presence of higher-priced properties in the area will cause an increase in the value of the subject property. Purchases "pools" of mortgages. enacted by Congress in 1977 revised 1995, Passed 1974 ensures that all consumers are given an equal chance to obtain credit, U.S. federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. Achieve success through Business Etiquette. The absence of competition will cause prices to increase in the marketplace. many lenders, especially high LTV loans, will order a field review of the appraisal. value is maximized when there is a reasonable degree of homogeneity in a neighborhood, principle of increasing and decreasing returns. Deed that offers the most protection in which grantor fully warrants good clear title to the premises. If tenant moves out, owing rent, and leaves personal property, The government is the original owner of all land. original document of conveyance of land by the sovereign, investigation of all document that have been recorded relating to a property. & \text{$\quad$productive and will help a business}\\ ___________ 3. \text{8. He is really good. Why do the majority of Realtors in the state of Texas choose Champions School of Real Estate as their preferred Real Estate school? An appraiser must always be aware of these influences and possible changes in them that could affect market value. someone who processes, underwrites, closes and funds his or her own files in his or her name. the percentage of value or sales price that a lender is willing to finance. no obligation o extend credit. Formerly known as the Federal National Mortgage Association (FNMA), Fannie Mae is the largest investor in home mortgages today. when an individual acquires title from the rightful owner through hostile, actual, and continuous occupation of the land for the statutory period. (any charge or fee- not transfer), state and local fees on mortgage and home sales based on the loan amount or sales price of property, loans interest rate increases after consummation, added to index to determine interest rate, 1. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below: FixedElementVariableElementActualTotalPerMonthPerCustomerServedforMayRevenue$5,000$160,000EmployeeSalariesandWages$50,000$1,100$88,000TravelExpenses$600$19,000OtherExpenses$36,000$34,500\begin{array}{lrrr} Such as the oversupply and consequent drop in demand for a particular kind of property, government actions, such as zoning changes or condemnation proceedings, and proximity to undesirable land uses, such as highways or factories. . the absence of competition will cause prices to increase in the marketplace. Our focus has always been on providing you with an excellent education experience regardless of what stage of your Real Estate career you are in. The mortgage is an actual transfer of ownership from the borrower to the lender. sending monthly payment statements, and collecting monthly payments, maintaining records and balances. Property and lender information It is would suggest that an owner should not "over improve" a property. & \text{$\quad$operate the business}\\ There is no membership needed. Type of lease often used to attract tenants to facilities that might be hard to rent during tough economic times, lease where the landlord pays regular charges such as taxes, insurance, utilities and repairs - the tenant only pays rent, lease in which the tenant pays rent plus taxes, insurance, repairs, utilities, etc, competent parties, let and take agreement, adequate consideration, legal purpose, description of property. consumers are given equal chance to obtain credit. doesn't indicate that they are legal owner, The government is the original owner of all land. very likely to be contested. only legal for personal property. Economic obsolescence What is one of the most important ways through which the behavior becomes integrated? operates mortgage backed securities program designed to facilitate the flow of capitol into the housing industry. The process of transferring funds to a title or escrow company for disbursement. Includes deeds, foreclosures, liens, wills, marriage,s, deaths, life estates, fee simple estates and everything else. 3. in a participation loan if a lender collecs principle and intrest and shares in the profits when the property is sold. transferring real estate to the state cuz the owner died without a will and without heirs, interstate land sales full disclosure act, passed by congress in 1968 to protect consumers from fraud in the sale or lease of land, Comprehensive Environmental Response Compensation & liability ACT (CERLA), .Clean up federal, state and native american. & \text{g. An information system that measures,}\\ Highly recommended and I will continue to use Champions! Real Estate Principles #1 - Kevin Ward Real Estate Academy Kevin Ward Real Estate Academy Streamed 9 years ago Watch This Before You Spend $1000 Bucks ! tells NY desk to sell securities collecting payments from banks by reducing their reserve amounts. The Property Report contains information about the subdivision and is required to be delivered to a purchaser before the signing of a purchase agreement. Over 500 million tweets are sent per day. ___________ 10. passed to ensure that banks would serve the needs of the community in which hey were chartered. right of govt to take private land for public use. tenant occupies real estate with the permission for an uncertain or unspecified amount of time; agreement can be terminated on short notice. reviews cover a checklist of items as they analyze the appraisal report. Consists of 79 local affiliates, 16,000 member companies and organizations, and more than 162,000 LEED Professional Credential holders. insures the difference, Police Power Assets that are easily converted to cash. If the property cannot be transferred, it is of little value. \text{9. The document that pledges the property as security for repayment of the note, is recorded in the county in which the property is located. Permits additional borrowing on the same note and mortgage. For more than a decade, the German real estate market was in a dramatic growth phase. CERCLA-passed in 1980.was designed to clean up sites contaminated with hazardous substances, pollutants or contaminants. Texas Principles 2 Scenarios Questions - Champions School of Real Estate Margaret Sullivan died in Texas without a will on file. \text{6. \text{1. a. Increased competition will bring prices down. preserves low, existing intrest rate on the original note. Quick and easy check-out You can quickly pay through credit card or Stuvia-credit for the summaries. origination, loan processing, underwriting, close, fund, servicing, Residential Mortgage Loan Originator (term mandated by the SAFE act), Consumer Financial Protection Bureau; signed into law in 2010.

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